https://www.taxtmi.com/caselaws?id=237202 The Tribunal dismissed the Revenue's appeal and partly allowed the assessee's appeal. The remittance of Rs. 108.49 crores by Gillette USA was upheld as a capital receipt, not chargeable to tax. The Rs. 9.59 crores credited to the assessee's account was treated as business income and deemed taxable. The issue of the waiver of the Rs. 3.34 crores loan by Gillette USA was remanded back to the AO for further examination in line with relevant court decisions. en-us Fri, 21 Sep 2012 00:00:00 +0530 Sat, 21 Sep 2013 07:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237202 The Tribunal dismissed the Revenue's appeal and partly allowed the assessee's appeal. The remittance of Rs. 108.49 crores by Gillette USA was upheld as a capital receipt, not chargeable to tax. The Rs. 9.59 crores credited to the assessee's account was treated as business income and deemed taxable. The issue of the waiver of the Rs. 3.34 crores loan by Gillette USA was remanded back to the AO for further examination in line with relevant court decisions. Case-Laws Income Tax Fri, 21 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237202